Biden Administration Strengthens Anti-Money Laundering Efforts to Protect U.S. Financial System

FILE - The Treasury Department is seen near sunset in Washington, Jan. 18, 2023. The Biden administration is rolling out new recordkeeping rules for U.S. investment advisers in its continued effort to

The Biden administration is taking decisive action to combat money laundering and increase corporate transparency. With concerns over the flow of illicit funds into countries like Russia, Iran, and the hands of militant groups such as Hamas, the United States is facing renewed pressure to close loopholes and strengthen its anti-money laundering efforts.

Brian Nelson, Treasury's undersecretary for terrorism and financial intelligence, will be attending meetings of the Financial Action Task Force in Paris next week. The Task Force, consisting of 39 nations, sets international standards on combating money laundering and illicit finance. In his remarks at the Atlantic Council, Nelson highlighted the United States' concerted effort to address systemic deficiencies in its anti-money laundering framework.